Minnesota-based Wings Financial Credit Union (Wings Financial) added 25 bps to its 5-year Certificate this week, with the current rates being the highest offered in more than a year. The majority of Wings Financial CDs (including the 5-year) have tiered rates based on four deposit levels ($500, $10k, $100k, and $250k).
The 5-year Certificate is also available as an IRA Certificate (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.
As stated in the CD FAQs, the Early Withdrawal Penalty (EWP) reads as follows:
Term less than 24 months = Loss of amount equivalent to 6 months’ dividends (180 days)
Term 24 months or greater = Loss of amount equivalent 2 years’ dividends (730 days)
While the EWP for short-term CDs is fairly standard, the long-term CD EWP is surprisingly harsh.
There is a ten calendar day grace period before a CD is automatically renewed.
18-Month CD Special
If you’re looking for a shorter-term certificate, the 18-month CD Special that was offered during the month of July is again available, but only through November 30, 2021.
As stated in the fine print for the 18-month CD Special on the Savings Rates page,
Promotional rate valid between 11/22-11/30/21. Certificate must be opened in a branch or through the National Contact Center [800.692.2274].
More details about the 18-month CD Special can be found in my July 8, 2021 blog post.
Headquartered in Apple Valley, Minnesota, Wings Financial Credit Union’s field of membership (FOM) includes virtually all U.S. citizens and resident aliens.
Easy Membership: Option #4 on Wings Financial’s online application reads, “I would like to become a member of Wings Financial Credit Union by making a donation of at least $5 to the Wings Financial Foundation."
Residency: In the last four years, Wings Financial has expanded its geographical eligibility to include parts of Florida, Georgia, Michigan, and Washington.
Anyone who lives or works in the following regions is eligible to become a member:
- Any Minnesota or Wisconsin county
- Seattle-Tacoma, WA metro area
- Detroit, MI metro area
- Orlando, FL metro area
- Atlanta, GA metro area
Employment: Individuals (and their immediate family members) who work for an airline or a government agency working with the aviation industry, or who work at an airport directly with air freight, air courier, or air transportation qualify for membership.
Relationship: Immediate family members of current Wing Financial members are eligible to join.
Joining Wings Financial and/or opening a 5-year Certificate can be done online or at any of 31 branches located in Florida, Georgia, Michigan (2), Minnesota (26), and Washington. All the branches, with the exception of those in Minnesota, are located near major airports. As stated on the Response to COVID-19 page,
Wings Financial branch lobbies are open for member and teller services, with no appointment necessary.
Establishing a new Wings Financial membership requires a minimum $5 deposit in a Share Savings account.
Wings Financial does not participate in the CO-OP Shared Branch network, it does offers its members access to more than 80,000 surcharge-free ATMs in the Allpoint, CO-OP, and MoneyPass networks.
Credit Union Overview
Wings Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.04% (excellent) based on June 30, 2021 data. In the past year, Wings Financial has increased its total deposits by $960.4 million, an excellent annual growth rate of 19.03%. Please refer to our financial overview of Wings Financial Credit Union (NCUA Charter # 68601) for more details.
Wings Financial Credit Union was originally founded in 1938 as Northwest Airlines Credit Union by seven airline employees. The “Wings Financial” rebrand occurred in 2003 following a charter expansion making the credit union the first to serve all air transportation. Recognized in 2017 as the top Minnesota financial institution by Money Magazine, Wings Financial is currently the 34th largest credit union in the country, with more than 324,000 members and assets in excess of $7.3 billion.
How the Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide, Wings Financial Credit Union's 5-year Certificate top APY currently ranks second, regardless of minimum deposit requirements.
The above information and rates are accurate as of 11/26/2021.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com.